Shellfish Market

Global Shellfish Market Size (2024 to 2029)

As per our analysis report, the global shellfish market is expected to reach USD 65.88 billion by 2029 from USD 56.55 billion in 2024, growing at a compound annual growth rate (CAGR) of 3.1 % during the forecast timeline. Shellfish are a variety of aquatic organisms, including crustaceans like crabs, lobsters, and shrimp and mollusks like clams, mussels, oysters, etc. Shellfish are a key source of livelihood for coastal populations and are harvested from oceans, rivers, and farms. They are esteemed for their flavor and nutritional value, adding essential protein and minerals to many diets worldwide. They have low-calorie content, are high in protein, and contain omega-3 fatty acids. Also, they are rich in several micronutrients, including iron, zinc, magnesium, and vitamin B12, which support a strong immune system, heart, and brain. Hence, the global seafood industry and marine ecosystems depend significantly on shellfish.

The advancements in aquaculture techniques present a significant growth opportunity for the shellfish market. Many people are currently working to enhance aquaculture. They are developing innovative and unique ways to produce shellfish in controlled environments, such as underwater gardens. This helps because the ocean animals can live peacefully without taking too many shellfish from the water. Raising shellfish this way ensures they get all they require to develop into strong, healthy animals. So it means that no matter the season, people can continuously enjoy delicious shellfish of high quality. Therefore, these innovative techniques for growing shellfish are an excellent way to consume seafood without harming them and the environment. The diversification of products is offering considerable growth opportunities for the market. People are developing creative ways to turn shellfish like shrimp, prawns, clams, oysters, etc., into delicious ready-to-eat meals or convenient foods and snacks. People who live in urban areas and have hectic schedules will find this handy as it does not take plenty of time and complicated processes. Therefore, it's easier for individuals to have shellfish even if they're busy by making them into tasty, ready-to-eat, and convenient food options. These diversified food product options can attract a large consumer base and boost market demand.

Global Shellfish Market Drivers:

One of the major drivers of the global shellfish market demand is the growing demand for nutritious and healthy food. Nowadays, people are increasingly focusing more on health and fitness, so they are looking for food with added nutritional value to help them maintain good health. Shellfish are very nutritious as they contain various nutrients like proteins, fatty acids, minerals, vitamins, etc. Shellfish like clams and shrimp act as little protein powerhouses. They also contain omega-3 fatty acids, which promote the functionality of overall bodies and keep hearts and brains in good working conditions. Thus, the growing demand for food with more proteins, vitamins, and minerals is boosting the overall market growth.

Another driver of the market is rising urbanization and changing lifestyles over the globe. Recently, many people have shifted to big cities, leading to busy and fast-paced lifestyles. In these expanding cities, they may not have much time to cook big meals at home,, so they want quick and easy food to prepare and eat. Shellfish fits this demand perfectly. As they can be turned into ready-to-eat food products in several ways, such as shrimp in salads, clam meat in sandwiches, etc., which acts as a fast-food version of shellfish, they are perfect for people who seek easy and quick food recipes. Thus, with growing urbanization and people's changing lifestyles, the demand for shellfish that can be eaten without much cooking is boosting and promoting the overall growth of the shellfish market.

Further, the cultural significance in certain regions is fueling the market demand. Certain foods can be important in several cultures. For example, some food is connected to those communities by traditions, special stories, etc. People have been making special dishes with shellfish in some regions for a long time. It's an enjoyable approach to keeping in mind their historical roots and history. These foods are often consumed as part of their rituals or celebrations. People continue to seek out and enjoy these traditional shellfish dishes because of their special significance. It's a way for them to respect the past and protect their culture. Therefore, the cultural beliefs and traditions tied to shellfish contribute to sustaining the market share.

Global Shellfish Market Restraints:

One of the major restraints for the market growth is the growing health concerns. As a result of a growing population, water pollution is also increasing, which can pollute the water the shellfish. The shellfish can absorb bad stuff like chemicals and various poisonous elements, and these accidents may turn dangerous for the consumers. They also contain some or large amounts of heavy metals that build up in consumers' bodies and can cause hilarious health issues. Hence, people always think of health when buying shellfish, which restricts the market growth.

Another major restraint on the market is the increasing demand for plant-based food products. As more and more people shift towards plant-based food products and adopt the vegan lifestyle, they are becoming more interested in fruits, veggies, and grains. Vegan people do not eat animal-based food or seafood at all. This can be challenging for the shellfish market demand as people are moving away from eating animal-based foods, including seafood. Further, rising environmental concerns are restraining the market expansion. The growing water pollution is making shellfish habitats dirty. Shellfish do not survive in dirty water, and this can lead to a decrease in their population. Also, overfishing can impact their lives; if shellfish are harvested in their reproduction phase in greater amounts, then only a few will be available in the future. Hence, factors like pollution, overfishing, and others can affect the shellfish ecosystem and the overall environment. This can result in less availability of shellfish in the markets or a decrease in the supply, which restricts the total growth of the market.

Impact of COVID-19 on the Global Shellfish Market:

COVID-19 had a substantial impact on the global market for shellfish. Lockdowns and regulations caused supply chains to be disrupted, restaurant demand to decline, and global trade to be restricted. Consumption of shellfish decreased due to the closings of restaurants and a decline in tourism. A labor shortage hampered the harvest and processing of shellfish as fishermen were stuck at homes due to certain restrictions during the lockdowns. This, overall, declined the shares of the market. Despite challenges, direct-to-consumer sales and e-commerce grew as more individuals cooked at home during the pandemic.

REPORT COVERAGE:

This research report on the global Shellfish market has been segmented and sub-segmented based on type, application, and region.

Global Shellfish Market - By Type:

• Crabs
• Prawns
• Shrimps
• Oysters
• Others

By type, the shrimp segment is ruling the market during the forecasted period. A multitude of cuisines around the world make use of shrimp as a diverse seafood alternative. They can be used to make dishes like shrimp scampi, shrimp cocktails, shrimp stir-fries, and more by grilling, boiling, frying, or other methods. Also, they come in various sizes; overall, this influences the shares of the market. At the same time, the prawns segment is expected to grow significantly during the projected period. Prawns are a popular seafood product and are famous for their sweet and delicate flavor. They are widely used in a variety of culinary preparations, such as stir-fries, curries, pasta dishes, and others. This is contributing to an increase in the demand for prawns globally.

Global Shellfish Market - By Application:

• Restaurant
• Supermarket
• Others

By application, the restaurant segment is dominating the shellfish market share during the anticipated period. Prawns, oysters, and shrimp are frequently offered as starters, main meals, and seafood specialties on restaurant menus. They are adaptable ingredients used in many different types of food in the restos. This is boosting the demand for shellfish in this segment. However, the supermarket segment is expected to grow at the fastest rate in the upcoming years. Shellfish, like prawns, clams, oysters, and shrimp, are widely accessible in supermarkets for people to buy and use at home. They come in several forms, including fresh, frozen, and pre-packaged options, offering ease of use and variety for home cooking.

Global Shellfish Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

By region, the Asia Pacific segment is anticipated to dominate the shellfish market demand during the projected period. Shellfish is a key component of many different Asian dishes, including Indian biryani and Japanese tempura, as well as Chinese stir-fries and Thai curries. Shellfish kebabs are commonly seen in street foods, either grilled or fried. As shellfish are a part of cultural events across numerous Asian cultures, they are in huge demand in this region. However, North America is expected to grow at the fastest CAGR in the upcoming years. Because they are used in a wide range of dishes, particularly appetizers and seafood platters, in restaurants all around the region, these shellfish products are widely used in home cooking and are available in supermarkets. Cultural significance is attached to regional foods like clam chowder and shrimp po'boys, especially in areas like the Gulf Coast and New England. This is boosting the demand for the shellfish market in this region.

KEY MARKET PLAYERS:

Major Key Players in the global shellfish market are Wellfleet Shellfeet Company, East Coast Shellfish Growers Association, The Van Cleve Seafood Company, Young's Seafood Limited, Maruho Nichiro Corporation, Thai Union Group Co, Mowi Harvest ASA, Mitsubishi Corporation

RECENT HAPPENINGS IN THE MARKET:

• In May 2022, The National Aquaculture Group, Saudi Arabia's largest operation for prawn farming, fish farming, and the production of animal feed, became the first prawn farm in the Middle East and North Africa region to be certified by the Aquaculture Stewardship Council. As a result, Saudi Arabia is now among the top 15 nations with ASC certification for shrimp.
• In January 2022, Young's Seafood Limited broadened its Gastro offering with new listings from Iceland and Food Warehouse. Four new SKUs have been added to the seafood supplier's inventory for retailers.